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Use the simple interest formula to find the ending balance. $5000 at 5% for 3.5 years. Round your answer to the nearest cent. Enter your answer in the box.

Use the simple interest formula to find the ending balance. $5000 at 5% for 3.5 years. Round your answer to the nearest cent. Enter your answer in the box.
asked 201k views
5 votes
Use the simple interest formula to find the ending balance.

$5000 at 5% for 3.5 years.

Round your answer to the nearest cent.

Enter your answer in the box.

asked
User Avario
by
7.6k points

2 Answers

7 votes
I believe it's 5,875.00
answered
User Wondim
by
8.0k points
5 votes
5000 * 0.05 * 3.5 = 875

5000 + 875 = 5875

answer: ending balance $5,875
answered
User KiynL
by
8.0k points
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